Legal battle over future of Ace Hotels heats up

Former business partner claims founder Alex Calderwood forfeited his stake when he died in 2013

TRD New York /
Oct.October 30, 2015 12:35 PM

The father of the late Ace Hotels founder is duking it out with his son’s former business partner in Manhattan Supreme Court over the family’s stake in the company.

After founder Alex Calderwood died in 2013 of an apparent drug overdose, his family and former business partner have squabbled over ownership of the posh hotel chain. His father, Tom Calderwood, is suing his son’s former business partner, Stefanos Economou, claiming that he is trying to cheat the family out of their two-thirds interest in the business and in doing so, stomping on his son’s legacy, the New York Post reported.

Tom Calderwood refused Economou’s “lowball” $200,000 offer for his son’s two-thirds interest in the quirky luxury hotel chain, the Post reported.

Economou, who invested $10 million in the company, asked Justice Shirley Kornreich on Thursday to dismiss Tom Calderwood’s lawsuit, which was filed in January. Economou maintains that Alex Calderwood’s share in the business was forfeited when he died.

Kornreich refused to toss the case. Both men are due back in court next month. [NYP] — Kathryn Brenzel

Related Articles


Ace Hotel on Bowery lands $80M refinancing

After legal war, Ace Hotel co-owner sells two 432 Park pads at $60M break-even

LA-based firm allegedly swindled regional center out of EB-5 spoils: suit

GFI employee says Allen Gross is stiffing him on 5% stake in Ace Hotel

Father of Ace Hotel’s founder accuses COO of fraud, extortion

Ace Hotel co-owner claims he’s being cut out of the business

Renderings released for long-delayed Ace Hotel at 225 Bowery

allen gross gfi

GFI secures $50M financing for Downtown BK hotel